INTC stock climbs to $111 after announcing a strategic collaboration with Hitachi and reports of Google, NVIDIA exploring its foundry services.
Intel shares surged 12% to $111 in early trading Monday, driven by a strategic partnership with Hitachi and reports that Alphabet’s Google and NVIDIA may use Intel’s 18A foundry for AI chips. The collaboration spans foundry tools, quantum computing, and factory automation, targeting next-generation digital infrastructure.
The rally extends Intel’s year-to-date gain to 196%, recovering from a June low near $20. However, analysts remain cautious, citing Intel’s negative $3.87 billion free cash flow and a consensus price target of $89. Shares had dipped below $99 on Friday before rebounding.
No formal contracts with Google or NVIDIA have been announced, but the speculation adds momentum to Intel’s push into AI chip production. The company’s foundry business remains unprofitable, though the Hitachi deal could bolster long-term prospects.